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Guide to Mortgage Bridge Loans
How to secure bridge mortgages for interim financing needsMortgage bridge loans are available in two types. The first swing loan option uses your current property as collateral, allowing you to close on the new space, pay off the old mortgage and raise cash for the down payment on the new property. Monthly payments are not usually required; you simply pay off the balance when the old property sells. The second type of bridge loan financing involves keeping your current mortgage, borrowing against your current property’s equity and using that money as the down payment on the new property.
To find the best mortgage bridge loans for you:
- Shop around for mortgage and bridge loans as rates vary from lender to lender.
- Start your search online and compare rates and terms on home or commercial bridge loans.
- National and regional mortgage lenders are great sources for bridge loan financing, but if you have a risky or specialized situation, you may consider mortgage companies that focus on risk financing.
- Mortgage bridge loans can be helpful in getting through the time-consuming closing process, but keep in mind the risks involved with essentially carrying three mortgages.
Action Steps
The best contacts and resources to help you get it done
Your local bank is a good starting point for bridge loan financing
Many commercial bridge loans and residential bridge loans are given through local lenders who understand your area's real estate market. Compare rates at local banks that offer gap financing.
I recommend:
Search by city for local lenders with LocalLender.info or USCITY.net. Also MortgageLoan.com lets you search their list of lenders, many of which offer interim loans.
Shop for bridge mortgages with national lenders
National banks offer bridge loan financing. Go to the national lender where you have your initial mortgage and bridge loans may be easier to secure.
I recommend:
Check with national lenders, such as GMAC Mortgage and Wachovia for bridge funding. Or check out Equifax, which offers a nationwide mortgage referral service, so you can get a list of lenders who offer bridge loans for mortgages.
Find a lender that specializes in mortgage bridge loans
Depending on how risky or specialized the funding you need is, another tack is to work with specialty lenders. Take note that the swing loan rate may be higher with lenders that specialize in gap financing than with a regional or national lender.
I recommend:
For residential or commercial bridge loans, check major lenders, such as Security National Capital, Mercury Capital and People’s Choice Commercial Lending. Some lenders, such as GE Real Estate, Madison Realty Capital, 1st Bridge and Fairfield Financial Services specialize in commercial bridge loans, especially for larger projects.
Vet lenders before accepting bridge loan financing
Make sure the bridge funding lenders you're considering haven't been reported by borrowers for unethical business practices and are in good standing with state and federal regulators.
I recommend:
Contact the Better Business Bureau to find a BBB chapter in your state or city to check on lenders offering mortgage and bridge loans.
Get bridge loan information from the experts
Real estate blogs written by experts are a great resource for boning up on mortgage and bridge loans.
I recommend:
C-Loans.com, a commercial real estate blog, includes info on mortgage and bridge loans. ActiveRain and Searchlight Crusade are also reputable blogs written by industry experts that cover mortgage bridge loans.
Tips & Tactics
Helpful advice for making the most of this Guide- Bridge loans for mortgages have a higher rate of risk than other mortgages, with average fees and rates typically running about two percentage points higher than traditional home mortgages.
- Using the same lender for your new mortgage and bridge loans may result in a better rate.
- A swing loan is meant to be a short-term loan and is typically expected to be paid back within six months.
